Bajaj Allianz settles over 85% Sikkim Earthquake claims in record time

Bajaj Allianz General Insurance, a leading private general insurer has settled over 85% of earthquake related claims in Sikkim that hit the state of Sikkim & parts of North Bengal with a magnitude of 6.9 in the richter scale. Most of the property damages pertained to homes, flats financed by Banks like United Bank of India, Axis Bank, IDBI Bank etc. who are bancassurance partners of Bajaj Allianz General Insurance.

Bajaj Allianz started receiving claim intimations from the next day itself. In anticipation of huge number of claims as a result of major properties financed by Bank partners, the local office requisitioned surveyors from Kolkata and Siliguri as there was a shortage of qualified surveyors in that affected areas. Once the Surveyors reached the spot, they started their job even in adverse situations with many landslides on the way to Gangtok and also with a risk of after shock of the earthquake.

At a claim distribution function, A. Nanda, General Manager, United Bank of India (UBI), said, “Our customers are happy that they received the money so fast so that they could rebuild their damaged properties at the earliest. The speedy claim settlement process initiated by Bajaj Allianz is commendable.”

At a claim distribution function, Dipanjan Chatterjee, Sr. Vice President and Circle Head (West Bengal), Axis Bank, said, “Its unfortunate that the severe earthquake caused heavy damages. Some of our customers have been proactive of having taken insurance cover for their assets to cover the financial loss in such unfortunate events. We are happy with the speedy claim settlement process initiated by Bajaj Allianz.”

While distributing claim cheques, Sasikumar A, Zonal Manager – East, Bajaj Allianz General Insurance said, “We have taken several steps to ensure speedy claim settlement and in some cases spot settlement were made. What we also noted that a lot of homes were underinsured and we would request our customers to ensure that they insure their property for the full value and not only the loan value.” Bajaj Allianz has settled over 150 claims with an average TAT of 10 days and some within 7 days of claim intimation.


The earthquake peril is add-on cover with the Standard Fire and Special Perils policy for property. The additional premium can be as low as Rs.50/- for a Sum Insured of Rs.1 lakh for dwelling units. This cover can be taken for a 1-yr or customers can opt for a longer period say 3 years to 20 years and earn some additional discounts upto 50%.

-India Infoline News Service